There are various reasons why outgoing payments could fail. Here are the most common reasons we see and solutions to help you avoid them in the future.
Incorrect Payee Details
Before sending your payment, review the bank details with your payee.
Bank account number
Account holder name
Any additional routing codes such as SWIFT, SORT code, branch code, etc.
Incorrect Payment or Bank Currency
Make sure that the payment you are sending is an accepted currency that the payee’s bank can receive.
For example, if you send a payment in USD to a bank account that only accepts GBP, what often happens is the bank will automatically reject the payment and it will be returned to your Neat balance.
Payee’s account limit
Some banks impose various limits on their customer’s accounts. The payment you have sent may have exceeded your payee’s incoming or maximum account limit. Before instructing a payment, ask your payee if their bank has imposed any limits that may prevent your payment from being accepted.
Payment Review checks
Each payment is reviewed by our team before it leaves Neat. The vast majority of payments pass through this process without you noticing, but occasionally we might ask you to upload a supporting document so that we can understand what the payment relates to. As a regulated entity, Neat has certain requirements to perform these checks. Assuming the supporting document is clear and relevant to the payment in question, the transaction should be processed within a couple of hours.
In the event the payment review is not successful, the transaction will be declined and funds will be immediately returned to your Neat balance.
In some cases, payments may leave your Neat balance but may be declined on the way to or by your payee’s bank. Unfortunately, Neat has no control over this process. In the event a payment is rejected by the receiving bank, the funds should be returned to your Neat balance within a few business days.